EBSEBS giving 500 people back their trackers!

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Frequent Poster

That is interesting thanks Pearl. I wonder if this will come up with SC. Everyone’s draw down date will differ so could end up being different arguments depending on drawdown date!?! Mine was July 2008

The poster YerGrand has confirmed that he has been deemed impacted. That poster had a split mortgage of tracker & fixed to variable base and both parts were moved to SVR. Both parts of the mortgage have now been returned to tracker although he/she was awaiting written confirmation from EBS. I am not aware of any other fixed to variable base customers who have been deemed impacted yet.

I have been told I am still in the review and should get an answer before end of June...but also told by EBS that the review maybe extended beyond that date.

Registered User

The poster YerGrand has confirmed that he has been deemed impacted. That poster had a split mortgage of tracker & fixed to variable base and both parts were moved to SVR. Both parts of the mortgage have now been returned to tracker although he/she was awaiting written confirmation from EBS. I am not aware of any other fixed to variable base customers who have been deemed impacted yet.

I have been told I am still in the review and should get an answer before end of June...but also told by EBS that the review maybe extended beyond that date.

Just to be clear on the above. I had a split mortgage recently deemed impacted......but.....now after pressing them the Variable Base Rate may or may not be included, now they have to check......and they can't find the file. Yes, really. I am still waiting on written documentation from EBS to understand precisely what is going on though verbally they have said to think about redress and compensation. I'm getting nervous now that what seemed so clear may no longer be.

Additionally, this tracker disaster forced us to sell our home at a loss. So my tracker has not been restored as I don't have either a home or a mortgage any longer.

Registered User

Hi all , phoned the helpline again today . Still on 3.7% svr but told our account has been impacted and to expect a letter by the end of the week . Question for the people whose interest rate has been reduced - when you signed the fixed rate conversion form did it state you would return to “the applicable variable rate then prevailing “. Am afraid they will now make up an interest rate as a prevailing rate instead of returning us to the tracker rate in the original loan offer .

Frequent Poster

If your loan offer clearly stated it’s a tracker mortgage and the interest rate basis as ECB + margin, then it would revert to this rate. With the ECB Rate being zero, it would be the margin per your loan offer. This is what it returned to in our case and I believe for others too who have gotten their trackers back so far.

Registered User

Thanks so much for your reply RajR . Original loan offer said variable ECB base + 1.05% and we signed the tracker rate application form confirmimg this rate . Beyond delighted and cannot believe there is an end to this saga in sight. This will make a huge difference to our lives .

Registered User

Registered User

Great to have found this and even though i may not be affected its great to see other people getting returned to trackers.
I checked my "manage accounts" and my monthly repayment is lowered by a couple of hundred although i haven't been contacted by anybody is this how other people found out?
I also noticed that although my monthly repayment amount is significantly reduced the term has gone up and my rate is still at the same, any advice is much appreciated.

Frequent Poster

Great to have found this and even though i may not be affected its great to see other people getting returned to trackers.
I checked my "manage accounts" and my monthly repayment is lowered by a couple of hundred although i haven't been contacted by anybody is this how other people found out?
I also noticed that although my monthly repayment amount is significantly reduced the term has gone up and my rate is still at the same, any advice is much appreciated.

You will have to give more info about your loan agreement & offer or other additional documentation you received. Did you have a tracker then move to fixed term or did you start your loan on a fixed term then move to variable base rate?

Registered User

Hi bilbow - that's the same that I saw online. Monthly amount lower, but the rate and term are wrong - this could just be because of manual intervention of the account and other figures aren't updated correctly, perhaps... I'd call the helpline or your branch, they'll be able to confirm it for you. Sounds very likely that you're back on the tracker rate.

Frequent Poster

In our case, the rate has been changed but haven't received the letter yet. Helpline advised that the letters are going out in batches and we should have it by end of next week latest. Per Mr Byrne's statement at the finance committee yesterday, rates will be corrected and all customers notified by end of June with redress and compensation completed by end September.

Registered User

Hi Aidan , when i spoke to them yesterday they said my rate was still 3.7% . I then asked what my next repayment would be - the figure they gave me would be the 1.05% rate . Letters being issued in batches .

“AIB also said the 500 additional tracker cases that have come to light at its EBS subsidiary will be fully back on proper rates by the end of June and compensated by the end of September. Mr Byrne said AIB only recognised these cases as being worthy of the tracker investigation after being pressured by the Central Bank.”

Could the same not be said for all re-instated trackers? Fact that he is calling it on EBS and not others sounds like particularly sour grapes...

Frequent Poster

Hi guys ,
We are back on our tracker rate , from July updated rate on system 06/06 , but first tracker payment out in July , we received letter to effect back on tracker 19 th June . Mention we would receive redress/compensation letter and then a third letter outlining how it was calculated in detail before 19 th sept , according to help line . I am wondering how long it took before “ cheque” was receivec by any of you . It is very frustrating that this is drawn out again , computer systems should be able to do the calculations and just send it . I am trying to make plans for schools for September and this is a real pain . Anyone recently notified back on tracker , got a cheque yet ? Thanks

Frequent Poster

We got our tracker back from EBS in december 2016. Also got a cheque for 18,000 in overpayments and the balance adjusted. Compensation of 800 euro also. We didn't contact them at all. Never thought we were entitled to it as it was a buy to let mortgage. Couldn't believe it when the letter arrived out of the blue. The cheque arrived about a month after the letter.

Frequent Poster

We got our tracker back from EBS in december 2016. Also got a cheque for 18,000 in overpayments and the balance adjusted. Compensation of 800 euro also. We didn't contact them at all. Never thought we were entitled to it as it was a buy to let mortgage. Couldn't believe it when the letter arrived out of the blue. The cheque arrived about a month after the letter.

Geri-can you recall what the wording was in your loan offer? A lot of BTL EBS customers from 05-08 seemed to be unaware that they were on a tracker & thought they were on a SVR. I’m aware that there was a margin (e.g.ECB base + 1.25%) in the fine print of the BTL offers but was the loan offer wording describing the rate type similar to the “variable base rate” term?